Sec. 10. Financial stability exception
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Section 18(c) of the Federal Deposit Insurance Act ( 12 U.S.C. 1828(c) ), as amended by section 9, is further amended by adding at the end the following new paragraph: Notwithstanding paragraphs (5)(c), (14), (15), (16), and
(17)of this subsection, if the Financial Stability Oversight Council determines by a 2⁄3 vote that a proposed merger transaction under this subsection is necessary to preserve the stability of the United States banking or financial system, the responsible agency may approve such transaction. . Section 3(c) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1842(c) ), as amended by section 9, is further amended by adding at the end the following new paragraph: SOC determination Notwithstanding paragraphs (7)(B), (8), (9), (10), and
(11)of this subsection, if the Financial Stability Oversight Council determines by a 2⁄3 vote that a proposed acquisition, merger, or consolidation under this subsection is necessary to preserve the stability of the United States banking or financial system, the Board may approve such acquisition, merger, or consolidation. . Section 4(j) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1843(j) ), as amended by section 8, is amended by adding at the end the following new paragraph: SOC determination Notwithstanding paragraphs (2)(D), (2)(E), (2)(F), (2)(G), and
(8)of this subsection, if the Financial Stability Oversight Council determines by a 2⁄3 vote that a proposed transaction or activity under this subsection is necessary to preserve the stability of the United States banking or financial system, the Board may approve such transaction or activity. .
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